Crypto community members and Ethereum (ETH) advocates have given Tiffany & Co a mixed reaction after the luxury jeweller unveiled a range of CryptoPunks NFTs-themed gold and gem-encrusted pendants.
In a post on its website, the firm said that it planned to create what it calls NFTiffs, describing the products as “a collection of 250 digital passes” that can be “minted when purchased and redeemed by CryptoPunks holders for the creation of a custom designed pendant and a NFT digital artwork that resembles the final jewelry design.”
The company added that its pendants would be “designed and crafted by Tiffany artisans,” but would be “inspired by” CryptoPunk owners’ own punk NFT.
In typical NFT and Tiffany style, scarcity appears to be the key selling point. The company explained that “only 250 NFTiff passes” would be made available “exclusively to CryptoPunk holders.” No customer allowed to buy more than three NFTiffs. Buyers will need to purchase their NFTs on the Ethereum blockchain. These tokens would then be redeemable for physical pendants.
The firm will be asking for ETH 30 (USD 50,700) for each pendant, and aims to begin retailing the items on August 5. Tiffany’s stands to make some USD 12m from sales if shifts all 250 NFTs. But could also be making profits at a later date in the resale market – as secondary-market sales will also bring the firm royalties.
Tiffany added that its designers would “interpret each CryptoPunk” into a custom-designed pendant, “converting the 87 attributes and 159 colors that appear across the collection of 10,000 CryptoPunk NFTs to the most similar gemstone or enamel color.”
Buyers will have until August 12 to redeem their NFTs – with real-world “renderings” ready by October.
The jewelry company has partnered with the Web3 and blockchain cloud infrastructure provider Chain for its move – which Kevin Rose, the Founder of Moonbirds, called “bold.”